Civil Infrastructure is needed both in the developed world and in developing countries. However, governments alone can no longer deliver the much needed projects mainly because of lack of money, but also due to the lack of technical skills and a changing type of citizenry. In today’s world, governments have to consult the market place to efficiently and optimally deliver the much needed infrastructure. The case for Public-Private Partnerships being better than the options of government run projects or fully privatized projects is that Public-Private Partnerships offer real advantages in three major areas: 1) risk benefits (financial, legal and project related benefits), 2) management and communication benefits (within the partnership but also importantly between both partners and the general public), and 3) the value addition to the public common good. / text

This paper investigates the factors driving the real exchange rate in the Ghanaian economy. The paper aimed at finding the principal factor(s) that influence the real exchange rate and explains the channels by which these factors exert their influence using standard empirical methods of vector autoregressive (VAR) models. The paper established that inflation rate differentials and interest rate differentials influence the exchange rate through the expectations medium. Domestic and foreign money supplies which are exogenous macroeconomic variables were also found to be important in the Ghanaian money market as far as the exchange rate matters. The paper also highlighted how the great recession in the United States may have affected the cedi/dollar rate of exchange after this economic event swept through the United States generating spillover effects on economies around the world.

In the Czech Republic, half of the infrastructure network is still missing. Moreover, in the past, Dutch and Czech road infrastructure projects have been delivered over-budget and rarely on schedule. Despite a weak fiscal position in the Czech Republic there is still a need for infrastructure investments. Solution for mentioned issues can become the realization of the Public-Private Partnership (PPP) projects. The features (for instance the payment mechanism) of Public-Private Partnership (PPP) projects not only make these investments possible but also solve other problems mentioned. Both the Netherlands (NL) and the Czech Republic (CR) have already established an environment enabling PPP implementation (e.g. established PPP Units, methodologies, dealing with legislation); But despite many PPP projects being carried out on the municipality level, there is not even one PPP project being implemented on the national level in the CR. This is in contrast to the NL, where there is already a developed PPP market, and there is investment in several new national projects every year. How can the CR improve its PPP implementation policy? The answer to this question provides the final recommendations based on the Dutch PPP practice within this Master's thesis. Learning from mistakes of the other countries, in this case it is the Netherlands, may provide for higher effectiveness in the PPP implementation and in the faster adaptation or improvement of the current partnerships. To elaborate the thesis it has been used interviews, questionnaire and several primary and secondary sources, that have been available in czech, dutch and english languages. The main contributors to the development of this thesis have been the experts from the Dutch PPP Unit at Ministry of Infrastructure and Environment and the experts from the UNECE, who commented on the results and enabled application of the UN National PPP Readiness Self-Assessment tool to enhance the quality of the thesis. Other contributors are experts from PPP Centre at Ministry of Finance of the Czech Republic, PPP Association, Czech Ministry of Transport and Ministry of Finance. The tools, recommendations, as well as the PPP maturity Pyramid occurring within the Master's thesis can be applied not only for the further development of the PPP implementation in the Czech Republic, but also in other Eastern European countries. General recommendations arose by comparing practices of both the CR and the NL with respect to the UNECE's criteria. The all recommendations have been shown for clarity in terms of political, practical and procurement level. This comparison has practically enabled to point out the strengths and weaknesses of PPP projects in the CR and NL. Dutch experience has served as a source of considerable information that can make the practical implementation of Czech PPP projects much easier. As a part of the final conclusions of the thesis can be considered a PPP Maturity Pyramid, which schematically describes the current position of both countries due to the successful use of PPP projects. Basically, both countries have already passed "Bad" experience with PPP projects, have produced suitable environment and conditions for their use, but the next step is very important for the successful implementation of PPP projects in the CR. Based on the political support (considered as an essential factor), it is necessary to learn from the past mistakes and start with the practical realization of simple projects (from the beginning) that can be the basis for a standardization and a practical application of PPP projects in the future.

Denna uppsats siktar på att besvara frågan om vilket utfall man kan förvänta sig av Kulturarvsinkubatorns PPP-projekt och vilka risker de bör ta i beaktande. Överlag ger denna uppsats en positiv bild av Kulturarvsinkubatorns verksamhet, med ett fåtal undantag som adresseras i rekommendationerna i slutet av uppsatsen. Med hänsyn på de geografiska förutsättningarna för projektet på svensk landsbygd vävs detta perspektiv in i diskussionen och rekommendationerna. Rekommendationerna fokuserar på vikten av att vårda det dialogbaserade arbetsklimat som uppstått i projektet, att riskfördelningen mellan aktörerna kan vara nyckel till både framgång och motgång, samt behovet av förutsägbarhet i de långsiktiga målen för projektet.

This study creates a model to predict short-term exchange rates as a combination of the relative purchasing power parity model (Grossman and Simpson 2011) and the interest power parity model. I then use the statistical techniques ARMA and GARCH to account for the variance of the terms. Previous works considered the effects of these models individually, but mine consider them in unison. I consider both in-sample and out-of-sample tests. I use data on five major exchange rates (JPY/USD, CAD/USD, CHF/USD, GBP/USD, and AUD/USD) sampled at a monthly frequency from 1989-2013. My model statistically significantly predicts these exchange rates over the January 2012 to January 2013 period.

Le partenariat public-privé (PPP) est un mode d’approvisionnement gouvernemental qui combine, en une seule entente contractuelle à long terme, toutes les étapes traditionnelles de la réalisation d’une infrastructure : la conception, la construction, l’exploitation, l’entretien et le financement. Au Québec, la décision d’utiliser le mode PPP a été accompagnée d’une série de réformes légales, réglementaires et institutionnelles. Ces réformes ont profondément bouleversé la manière de réaliser les grands projets d’infrastructure. Or, il semble que peu d’analyses aient été effectuées quant aux impacts de ces changements sur la gouvernance démocratique de l’approvisionnement en infrastructure. Cette thèse se penche donc sur le PPP en tant que mécanisme d’approvisionnement, mais aussi en tant que point de départ d’une série de réformes administratives venant influencer considérablement la gouvernance de l’approvisionnement gouvernemental. Le document propose d’abord une relecture et une redéfinition de la gouvernance démocratique à partir de la théorie des études critiques en management et de la théorie des instruments d’action publique. Les réformes récentes de l’administration publique québécoise y sont examinées à la lumière de cette redéfinition. Les politiques d’approvisionnement, ainsi que les critères d’appréciation qui leur sont propres, sont aussi étudiés à la lumière de la théorie critique. Ensuite, de façon plus précise, le mode PPP est étudié en partant de ses origines et des raisons qui ont mené à son adoption. D’un point de vue empirique, trois cas pratiques sont examinés afin de produire, d’une part, une évaluation de la performance administrative du mode PPP et, d’autre part, une caractérisation de ses effets démocratiques. Une attention particulière est portée au mécanisme du « comparateur public », qui fait l’objet d’une analyse financière critique. La thèse en arrive aux conclusions suivantes : D’abord, au niveau micro, soit celui du fonctionnement interne des PPP, les conséquences suivantes sont observables : une définition des besoins plus rigoureuse, mais contraignante à long terme; des économies difficiles à démontrer; une dynamique de confrontation et non de partenariat entre acteurs privés et publics; un entretien contractuellement garanti qui présente un avantage réel étant donné la tendance bien documentée des gouvernements à mal entretenir les infrastructures; et des risques financiers réels, mais pouvant être atténués notamment par le montage financier. Ensuite, au niveau meso, soit celui de l’arrimage avec les principes de la gouvernance démocratique, les conséquences de la mise en œuvre de la politique québécoise des PPP sont les suivantes : un discours trompeur sur les économies réelles, notamment par l’utilisation d’une méthodologie d’analyse financière ambiguë; un modèle de prise de décision laissant place à l’intervention politique illégitime; des difficultés quant à la gestion à long terme des incertitudes; et une imputabilité rendue plus difficile par la contractualisation. Finalement, au niveau macro, soit celui de la redéfinition du rôle de l’État induit par la mise en œuvre de la politique sur les PPP, les conséquences sont les suivantes: une dérive de la gouvernance vers une forme illégitime de contrôle politique; un modèle néolibéral de partenariat non-observable dans la pratique et s’effaçant plutôt au profit d’une logique de compétition classique; et une modernisation inachevée, reposant sur les principes de la gouvernementalité managériale plutôt que sur ceux de la rationalité communicationnelle. La thèse se conclut, au dernier chapitre, par une redéfinition critique de la gouvernance de l’approvisionnement gouvernemental. Cette redéfinition s’appuie sur un certain nombre de propositions de recherche pouvant servir de base à une réforme de la politique d’approvisionnement en infrastructure.

This paper investigates the purchasing power parity (PPP) hypothesis using panel data. Under PPP the real exchange rate is stationary around a constant mean. Recent panel data unit root tests are employed to test the PPP proposition where, under the conventional null hypothesis of a unit root, the real exchange rate is not stationary and PPP does not hold. In this case, as the time period t + n approaches infinity, its variance relative to period t will also approach infinity. The usual alternative in unit root tests is stationarity around a constant mean or a linear trend. The paper brings innovation into the PPP and panel unit root testing literature by allowing for possible nonlinear deterministic trends in the alternative hypothesis (as advanced by Cushman (2004)). If the null hypothesis is rejected in favour of the alternative of a non-linear trend, PPP still does not hold, but does at least revert back to a meaningful, stable long-run equilibrium. Given this non-linear trend, the variance of the real exchange rate as t + n approaches infinity, conditional on that trend, remains finite. Overall, evidence for stationarity in exchange rates is found in four out of six panels under consideration, including both support for stationary processes with no trend or a linear trend as well as for processes following a non-linear deterministic trend, in particular at time orders 5 and 6. The rejections are, in fact, most consistent at the nonlinear orders. Given nonlinear trends, PPP as usually defined does not hold, despite the rejection of unit roots. It is also found that stronger evidence for stable long-run equilibria in real exchange rates appears when the German Deutschmark is chosen as a base currency instead of the US Dollar. Finally, it appears that a very recent panel unit root test that takes account of cross-sectional dependencies delivers more consistent and sensible results.

This paper investigates the purchasing power parity (PPP) hypothesis using panel data. Under PPP the real exchange rate is stationary around a constant mean. Recent panel data unit root tests are employed to test the PPP proposition where, under the conventional null hypothesis of a unit root, the real exchange rate is not stationary and PPP does not hold. In this case, as the time period t + n approaches infinity, its variance relative to period t will also approach infinity. The usual alternative in unit root tests is stationarity around a constant mean or a linear trend. The paper brings innovation into the PPP and panel unit root testing literature by allowing for possible nonlinear deterministic trends in the alternative hypothesis (as advanced by Cushman (2004)). If the null hypothesis is rejected in favour of the alternative of a non-linear trend, PPP still does not hold, but does at least revert back to a meaningful, stable long-run equilibrium. Given this non-linear trend, the variance of the real exchange rate as t + n approaches infinity, conditional on that trend, remains finite. Overall, evidence for stationarity in exchange rates is found in four out of six panels under consideration, including both support for stationary processes with no trend or a linear trend as well as for processes following a non-linear deterministic trend, in particular at time orders 5 and 6. The rejections are, in fact, most consistent at the nonlinear orders. Given nonlinear trends, PPP as usually defined does not hold, despite the rejection of unit roots. It is also found that stronger evidence for stable long-run equilibria in real exchange rates appears when the German Deutschmark is chosen as a base currency instead of the US Dollar. Finally, it appears that a very recent panel unit root test that takes account of cross-sectional dependencies delivers more consistent and sensible results.

Taiwan is the country which relies on foreign trade and the value of import and export markets accounts for eighty percent of the Gross Net Product¡]GNP¡^. It is obvious that the feature of economic system in island highly depends on the existence of foreign trade. Therefore, exchange rate is considered as one of the major indexes for Taiwan¡¦s economic activities. Federal Reserve System¡]FED¡^has constantly begun to lower the interest rate for thirteen times since 2001, and this would influence the trends of the interest rate of the whole world. Also, it seems that reducing the interest rate promotes the low interest which leads to a more prosperous economy in Taiwan society than before. It is clear, thus, that the interest is regarded as a major variable in economic system. The stock market of Taiwan has shifted from bear market to bullish one since 2002 and it would have developed the bullish market for almost ten years. According to this phenomenon, the issue of how to evaluate the trend of the stock index has been becoming important for Taiwanese investors to explore the stock market. This study is based on the observation of the relationships between the stock index and the two rates, exchange and interest rates. It is hoping, by doing so, that investors can obtain sufficient information and successfully estimate different aspects of investing trends in the stock market in Taiwan.

<p>Den här uppsatsen syftar till att undersöka hur kommunal samverkan med det lokala näringslivet utformas utifrån teorier kring governance, policynätverk samt public-private partnerships. Detta genomförs utifrån en fallstudie av projektet ”Växtkraft och företagarutveckling” som är en del av den ekonomiska föreningen Växtkraft Kinda. I uppsatsen undersöks faktorer som gemensamma mål, resursutbyte, ömsesidigt beroende samt förtroende och vilken betydelse dessa har för samverkan. Dessutom granskas hur kontakterna mellan aktörerna är utformade samt vilken betydelse inflytande och konkurrens har i samarbetet.</p><p>I uppsatsen kommer jag fram till att det existerar gemensamt formulerade mål även om de till viss del varierar mellan aktörerna. De resurser som utbyts är förutom de ekonomiska även tid, kunskap, kontakter samt lokaler. Kommunens representanter menar att resursutbytet främst sker i informella miljöer medan näringslivsrepresentanterna anser att resursutbytet äger rum i formella miljöer. Tre av de fem intervjuade anser att det finns ett ömsesidigt beroende mellan kommun och näringsliv samt att det är en omständighet som verkar som en drivande- och positiv kraft i samarbetet. Samtliga intervjuade uppger att förtroende är en viktig komponent i projektet men förtroendet är något mindre bland näringslivsrepresentanterna. De intervjuade uppger även att det finns en viss konkurrens mellan aktörerna inom projektet men att samarbete dominerar. Det finns dock vissa skillnader mellan kommunens och det lokala näringslivets uppfattningar om samarbetet. Kommunens representanter beskriver samarbetet i formella termer medan näringslivsrepresentanterna anser att det skall betraktas som en formell organisation. Dessutom menar kommunen att aktörernas inflytande beror på engagemang och kompetens medan näringslivet anser att storlek och position är avgörande faktorer.</p>